Here are the key factors that confirm the strengthening of the bearish trend:

· Massive selling from long-term holders → Since July 2025, large investors have begun to realize profits at unprecedented rates. According to analysts' estimates, between 362,000 and 2.1 million BTC have been sold, creating monthly selling pressure of about $34 billion. This influx of coins to exchanges outweighs the weakened demand from ETFs and corporations.

· Record short positions → Some large traders (whales) are actively taking advantage of this trend. For example, one market participant on the Hyperliquid platform has maintained a profitable short position of 1232 BTC (about $113 million) for over six months, with unrealized profits exceeding $24 million. This demonstrates the long-term confidence of part of the market in the continuation of the downward trend.

· Decrease in speculative frenzy → Data from derivatives markets show that funding rates for perpetual futures have decreased by 62% since August, indicating a reduction in leverage usage and a cooling of traders' speculative appetite.